The Illinois Department of Revenue (IDOR) reminded senior citizens about the availability of the Senior Citizens Real Estate Tax Deferral Program. The program, which works like a loan, allows qualified seniors to defer all or part of their property taxes and special assessment payments on their principal residences. The deadline to apply for the program this year is March 1, 2024. Taxpayers who apply and qualify are allowed to defer a maximum of $7,500 per tax year, including both first and second installment payments. Deferred amounts are borrowed from the state, who pays the tax bill to the county collector’s office. To qualify for the Senior Citizens Real Estate Tax Deferral, a property owner must:

• be 65 years of age or older prior to June 1 of the year that the application is being filed with their local county collector’s office,
have a total annual household income of $65,000 or less,

• have owned and occupied the property or other qualifying residence for at least the last three years,

• own the property, or share joint ownership with a spouse, or be the sole beneficiary, or the property owner and spouse be the sole beneficiaries of an Illinois land trust,

• have no unpaid property taxes or special assessments on the property, and

• have adequate insurance against fire or casualty loss.

To apply for the program, seniors need to contact their local county collector’s office to receive an application. Once completed, the application must be filed with the collector’s office on or before March 1 of each year they wish to defer their property taxes or special assessments. There are no time extensions and taxpayers must apply each year they wish to participate.